Insurance Auto Auctions Helps Pass Legislation To Modernize Salvage Vehicle Sales Laws In Ohio

WESTCHESTER, Ill., Dec. 18, 2014 /PRNewswire/ -- Insurance Auto Auctions, Inc. (IAA), a business unit of KAR Auction Services (NYSE: KAR), and the leading live and live-online salvage auto auction company, today announced that Ohio House Bill 468 has become law, and will become effective on the 91^st day after the act is filed with the Secretary of State.  IAA and other industry leaders worked toward this result, one aspect of which is the repeal of the requirement for a Buyer Identification (BID) card, a state-issued bidding license for the purchase of salvage vehicles at salvage auctions in the state of Ohio.

"The bill helps to modernize Ohio's salvage sales laws to be more in keeping with the laws of the vast majority of states by encouraging a more open and competitive market in Ohio," said John Kett, CEO and president, IAA. "Insurance Auto Auctions will continue to work hand-in-hand with other industry participants to encourage sensible legislation affecting our industry and its customers."

This legislation is a modest step that helps open Ohio's salvage vehicle industry to a wider market. The bill broadens the categories of those to whom salvage vehicles can be sold. Potential bidders can now include, among others, used car dealers, and certain other automotive-related businesses.

Ohio House Bill 468 is an example of the efforts of IAA and others affected by our industry to put in place responsible salvage laws that serve our customers and society as a whole. IAA has a team of dedicated professionals who monitor legislative and regulatory actions and who work to improve these as necessary.

About Insurance Auto Auctions, Inc.

Insurance Auto Auctions is the leading live and live-online salvage vehicle auction company and a business unit of KAR Auction Services (NYSE: KAR). Headquartered in Westchester, Illinois, IAA has over 160 auction facilities throughout North America offering towing, financing and titling services. With the most auction facilities in North America, IAA provides registered buyers from around the globe with millions of opportunities to bid on and purchase donated and salvaged vehicles. Since 1982, IAA has sold millions of vehicles through its weekly auctions for insurance companies, fleet and rental companies, financing companies, charity organizations and the general public. IAA also leverages its business model to assist charitable organizations in the US through its One Car One Difference® campaign. To date IAA has provided millions of dollars in additional funding to charities by assisting in the processing of donated vehicles. Learn how we are making a difference by visiting www.1car1difference.com. With a talented team of over 2,000 employees, IAA is committed to providing customers with the highest level of services in the salvage auto industry. Go to www.IAA-Auctions.com to learn more, and follow IAA on Facebook and Twitter.

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SOURCE Insurance Auto Auctions, Inc.

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